Less than five months in trading, Going.co.za has already seen extensive growth and the new auction platform comes as a result of increased demand for surplus consumer goods, particularly into African countries.
Traders in South Africa are eagerly utilising the Going platform as the informal retail space grows.
Paul Greenberg, Chairman of Going.co.za, said: ‘’Informal traders are buying surplus inventory from retailers as they become increasingly aware that such platforms are a great way to invest relatively little money and resell inventory items for a significant profit.’’
Only a few days into trading, the online auction platform has already attracted extensive traffic and Going believes that this will continue to grow over coming months as more traders become aware of the auction mechanism.
The actual process for locating and arranging to buy surplus inventory in South Africa is somewhat fragmented according to Greenberg, but his company, which recently launched the online trading platform, is giving small businesses access to inventory normally only available to well-connected traders and established bulk buyers.
Greenberg, who founded one of Australia’s largest online retailers, Deals Direct, suggests that entrepreneurs and traders must identify potential markets for the inventory they wish to purchase.
“By assessing the potential to resell the goods in a short period of time, it is possible to determine if buying the inventory is worth the time and effort involved.
“Assuming small traders have access to consumer markets where goods can be offered with little difficulty, investigating the surplus inventory channel in greater detail may be worth your while” explains Greenberg.
He added: ‘’We have only been trading for four months and are already selling product to Nigeria, Ethiopia, Kenya and Tanzania.
“We have found that there is a shortage of cheap product across the continent and while South Africa remains a large market for us, we have been opening up trading linesinto several African states. Several years ago exporting into Africa was seen as difficult and problematic, but now things are vastly improving.’’
Visit www.going.co.za to see the online auction platform.